An affiliate of Aventura-based The Faith Group paid $25 million for a development site just south of Hard Rock Stadium in Miami Gardens.
BH Miami Gardens Development LLC, managed by Joseph Mimoun in Aventura, sold the 35.7-acre vacant property at 19199 N.W. 27th Ave. to Miami Gardens Town Center LLC, managed by The Faith Group Chief Operating Officer and CFO Roland Faith. The buyer obtained a $16 million mortgage from NWL 2016 Evergreen LP, part of Miami-based New Wave Loans.
The previous owner acquired the property from the city of Miami Gardens for $15.4 million in February 2020, so it resold it for a profit despite the impact of the Covid-19 pandemic.
The city’s sales agreement included several conceptual development plans for the site. They included 240 apartments, hotels of 120 and 100 rooms, up to 300,000 square feet of retail and entertainment, a performing arts building, and a culinary institute.
The Faith Group has completed residential and retail projects in Miami-Dade County.
Source: SFBJ